Royal Bank of Canada Boosts Amgen (NASDAQ:AMGN) Price Target to $362.00

Amgen (NASDAQ:AMGN) had its price target increased by research analysts at Royal Bank of Canada from $332.00 to $362.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s target price points to a potential upside of 16.01% from the stock’s previous close.

AMGN has been the topic of a number of other reports. Mizuho boosted their target price on shares of Amgen from $223.00 to $235.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. Wells Fargo & Company downgraded shares of Amgen from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $320.00 to $335.00 in a report on Wednesday. Morgan Stanley lowered their target price on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. BMO Capital Markets upped their price objective on shares of Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, William Blair upgraded shares of Amgen from a “market perform” rating to an “outperform” rating in a report on Friday, May 3rd. Eleven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Amgen has a consensus rating of “Moderate Buy” and a consensus target price of $315.00.

Amgen Stock Down 5.1 %

Shares of AMGN stock traded down $16.92 during trading on Wednesday, reaching $312.03. The company’s stock had a trading volume of 1,587,009 shares, compared to its average volume of 2,631,488. The business has a fifty day moving average price of $317.26 and a 200-day moving average price of $298.55. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96. The company has a market cap of $167.38 billion, a price-to-earnings ratio of 44.96, a price-to-earnings-growth ratio of 2.78 and a beta of 0.58. Amgen has a one year low of $248.38 and a one year high of $346.85.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). The business had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.35 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.00 EPS. Analysts anticipate that Amgen will post 19.5 earnings per share for the current year.

Institutional Investors Weigh In On Amgen

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital International Investors lifted its holdings in shares of Amgen by 547.8% in the first quarter. Capital International Investors now owns 7,005,269 shares of the medical research company’s stock worth $1,991,738,000 after acquiring an additional 5,923,915 shares during the last quarter. Norges Bank bought a new position in Amgen in the 4th quarter valued at approximately $1,556,912,000. Vanguard Group Inc. boosted its position in Amgen by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 52,088,210 shares of the medical research company’s stock worth $14,809,720,000 after buying an additional 3,045,657 shares during the period. Janus Henderson Group PLC boosted its position in Amgen by 137.1% during the 1st quarter. Janus Henderson Group PLC now owns 2,381,133 shares of the medical research company’s stock worth $676,984,000 after buying an additional 1,377,007 shares during the period. Finally, Capital Wealth Planning LLC boosted its position in Amgen by 28,684.1% during the 1st quarter. Capital Wealth Planning LLC now owns 833,300 shares of the medical research company’s stock worth $236,924,000 after buying an additional 830,405 shares during the period. Institutional investors own 76.50% of the company’s stock.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.